26 Best Inventory Management Software Reviewed For 2024
Best Inventory Management Software Shortlist
Here are 2024’s 10 best inventory management software providers on the market (in no particular order):
Our one-on-one guidance will help you find the perfect fit.
Finding the sweet spot between too much and too little inventory is the name of the game. With the right inventory management software, it's like playing with cheat codes: Optimal stock levels, minimal holding costs, and sweet, sweet supply chain efficiency.
I’ve reviewed the top tools available and compiled a shortlist for you. Here are the best inventory management software options in 2024—complete with why they stand out, what they do best, and which businesses they’re ideal for.
Quick Comparison of Inventory Management Software
I've been told I can... ramble a bit, so let's do the comparison piece upfront. Here are the 10 best inventory management tools, side by side. Click the Compare Software button at the bottom, and voilà — the key points for each tool.
| Tools | Price | |
|---|---|---|
| Cin7 Core | From $349/month | Website |
| KORONA POS | From $59/month | Website |
| Helcim | From 0.50% + $0.25 per transaction | Website |
| MRPeasy | From $49/user/month | Website |
| Zoho Inventory | From $29/user/month | Website |
| Acumatica | Pricing upon request | Website |
| ShipStation | From $9.99/month | Website |
| Infoplus | Pricing upon request | Website |
| InFlow | From $110/month | Website |
| Katana | From $179/user/month (billed annually) | Website |
Compare Software Specs Side by Side
Use our comparison chart to review and evaluate software specs side-by-side.
Compare Software
Overview of the 10 Best Inventory Management Software
Let’s dive into 2024’s best inventory management software tools. I’ll cover key features, strengths, weaknesses, and pricing.
Cin7 Core is an inventory management tool that caters to businesses managing high volumes of sales orders across multiple channels. It provides a suite of features including accounting integrations, warehouse management, and point-of-sale systems, which support businesses in effectively managing large quantities of transactions and inventory.
Why I picked Cin7 Core: As an inventory management software, it offers extensive features that cater to the needs of businesses looking for robust inventory management, accounting integration, and detailed reporting and forecasting.
Its most advanced plan has the ability to handle up to 120,000 orders per year. The software also offers features such as real-time tracking, automated replenishment, and ecommerce integration, making it easier to understand your stock levels and keep up with demand.
Cin7 Core Standout Features and Integrations:
Standout features include cost tracking, order consolidation, automated notifications and reports, and mailing lists. It also offers barcode scanning and track transfers between locations and warehouses for better inventory management.
Integrations include Shopify, Amazon, WooCommerce, BigCommerce, Magento, Etsy, eBay, Walmart, Quickbooks, Xero, and more.
Pros and cons
Pros:
- Responsive and quick interface with detailed reports
- Handles multiple warehouses
- Integration with accounting software
Cons:
- CRM features are not fully developed
- Concerns about the software's ability to keep up with business growth
KORONA POS is a comprehensive point-of-sale system designed to streamline operations for various types of businesses, including retail stores, ticketing services, and cafes. It offers a cloud-based solution that integrates sales, inventory, and customer management into a single, easy-to-use platform.
Why I picked KORONA POS: I like its advanced multi-location inventory management features. It allows businesses to effortlessly track stock levels, transfer inventory between locations, and generate detailed reports on inventory performance. The system’s real-time data synchronization ensures that inventory information is always up-to-date, minimizing the risk of stockouts or overstock situations.
KORONA POS Standout Features and Integrations:
Standout features include detailed sales analytics and reporting tools, enabling businesses to identify trends and make data-driven decisions, and customer relationship management (CRM) functionalities, such as tracking customer purchase histories and managing loyalty programs.
Integrations include QuickBooks, WooCommerce, Shopify, Magento, BigCommerce, Mailchimp, and various payment processors such as PayPal, Stripe, Worldpay, Authorize.Net, and CardConnect.
Pros and cons
Pros:
- Integrates with third-party loyalty and e-commerce apps
- Advanced inventory management features
- The software layout can be customized
Cons:
- Limited offline capabilities
- Each terminal incurs an additional cost
Helcim is a payment processing tool designed to support small businesses by offering secure card processing without additional fees. It emphasizes transparency and affordability, providing a suite of services such as in-person and online payment acceptance, virtual terminal, invoicing, and subscription management, catering to businesses aiming to reduce credit card processing costs.
I chose Helcim for CFO inventory management software due to its commitment to low processing rates and its transparent approach, which is particularly beneficial for managing financial operations. What makes Helcim different is its Interchange Plus pricing model and Level 2/3 Commercial Optimization, which are designed to reduce processing costs for businesses. I believe Helcim is the best tool for secure, no-fee card processing because it not only offers affordable payment solutions and transparent pricing but also includes a secure card vault and robust third-party integrations, ensuring both cost-efficiency and security in financial transactions.
I also like that Helcim's POS software integrates with inventory management tools, allowing retailers to track stock levels, manage product information, and generate sales reports. Additionally, the system offers customer management features that enable retailers to store customer information and purchase history, which can be used for marketing and loyalty programs.
Integrations include QuickBooks, Xero, WooCommerce, Shopify, Foxy.io, and Great Exposure.
MRPeasy is a leading cloud-based ERP software solution specifically designed for small and mid-sized manufacturing and distribution companies. With a focus on simplicity and accessibility, it offers a comprehensive suite of tools to streamline operations, including inventory management, production planning, procurement, CRM, and sales management.
MRPeasy stands out for its user-friendly interface, affordable pricing, and the ability to integrate seamlessly with a wide range of third-party tools, making it an ideal choice for businesses looking to optimize their manufacturing processes and improve overall efficiency without the complexity and high costs associated with traditional ERP systems.
MRPeasy excels in providing small to mid-sized manufacturing and distribution businesses with a highly intuitive and efficient cloud-based ERP software solution. Its strengths lie in seamlessly integrating critical business processes such as inventory management, production scheduling, CRM, procurement, and sales management into a single platform. This integration enables companies to gain real-time visibility into their operations, enhance decision-making, and improve productivity and customer satisfaction.
With its focus on ease of use, affordability, and flexibility, MRPeasy empowers businesses to streamline their operations, reduce manual efforts, and focus on growth without the need for extensive IT resources or infrastructure.
MRPeasy offers a unique feature that allows factory floor workers to report their progress in real-time directly through the system. This capability not only ensures accurate and up-to-the-minute tracking of manufacturing operations but also significantly enhances the ability to quickly respond to production issues, setting MRPeasy apart from competitors by prioritizing direct worker input and operational transparency.
MRPeasy integrates natively with a variety of essential business tools, including QuickBooks, Xero, Shopify, Magento, WooCommerce, Zapier, Salesforce, Mailchimp, Google Drive, and Slack.
Many of the inventory management solutions on this list offer free trials, but Zoho has a truly free plan that includes two users and 50 orders per month. For a small business, this is an accessible path to inventory and order management with an intuitive interface.
Why I picked Zoho Inventory: Best known for its customer relationship management (CRM) system, Zoho now offers a full suite of accounting, commerce, and customer service tools. If you already use other Zoho products, Zoho Inventory is an easy way to track the goods you use Zoho to sell.
Zoho Inventory Standout Features and Integrations:
Standout features include a centralized real-time inventory count that's linked to all major e-commerce channels, and the ability to create product variants for different colors or styles—ideal for clothing retailers.
The item kitting functionality allows sellers to bundle popular items and I found the fulfillment workflow straightforward.
Integrations include Zoho Commerce, Shopify, UPS, USPS, FedEx, Amazon, eBay, Etsy, Mailchimp, Hubspot, and Salesforce.
Pros and cons
Pros:
- Automatic SKU generator
- Automatic reordering
- Multi-currency buying and selling
Cons:
- Limited customization options
- No Xero or Intuit integrations
Acumatica Cloud ERP is a comprehensive business management system designed to cater to the needs of various industries and roles through a wide array of modules and solutions. The inventory management software is part of its larger ERP system and includes tools for warehouse management, order management, and point-of-sale capabilities.
Why I picked Acumatica Cloud ERP: This tool stands out due to its comprehensive inventory management features, which include real-time updates, replenishment, location management, matrix items, physical inventory, pricing, discounts, promotions, customer and vendor items, packaging, and shipments.
Furthermore, Acumatica Cloud ERP facilitates cross-module workflows with its integrated system. Information can flow between various business functions without the need for manual intervention or data re-entry. This integration encompasses modules such as sales, purchasing, accounting, and customer management, ensuring data consistency.
Acumatica Cloud ERP Standout Features and Integrations:
Standout features include barcode scanning, lot and serial number tracking, expiration date management, financial management, project accounting, CRM, payroll, reporting, and warehouse management.
Integrations include Velixo, Celigo, BigCommerce, Heuristyc, Transcard, DataSelf Corp, 1Retail, Amazon, Shopify, ShipEngine, ADP, EazyStock, and more.
Pros and cons
Pros:
- Scalable system
- Advanced reporting
- Extensive customization options
Cons:
- Learning curve for new users
- Customizations may be overwhelming
As its name suggests, ShipStation is first and foremost a shipping platform for retailers, helping them find the most economical ways to fulfill orders. But the platform also offers inventory and stock management.
Why I picked ShipStation: E-commerce businesses and other retailers praise ShipStation for its fulfillment capabilities. For businesses already using it, managing inventory in the same place is easy and efficient.
For the many small makers and artists that use ShipStation for shipping, the inventory software is a nice bonus.
ShipStation Standout Features and Integrations:
Standout features include the ability to allocate stock for to-be-shipped orders. One of my favorite features is that users can create hierarchies to determine which order takes priority. ShipStation also enables inventory alerts and allows mobile device inventory management.
Integrations include UPS, Square, eBay, Amazon, BigCommerce, Squarespace, Constant Contact, Etsy, Wix, and Zendesk. ShipStation’s partner marketplace lists more than 400 e-commerce, fulfillment, and accounting tools.
Pros and cons
Pros:
- Easy carrier pricing comparison
- Integrated with major e-commerce platforms.
- Intuitive user experience
Cons:
- No kitting or bundling capabilities
- Poor customer service
Infoplus is a cloud-based inventory management software for e-commerce and logistics providers. It serves as your hub for inventory, order management, and fulfillment. With customization scripts, warehouses and 3rd party logistics (3PL) providers can build their unique workflows.
Why I picked Infoplus: While there are many options for retailers and e-commerce sellers, I wanted to highlight Infoplus because of its strong warehouse management features. Software capabilities related to shipping and receiving management, picking, and automated routing are crucial for third-party logistics companies that many retailers rely on.
Infoplus Standout Features and Integrations:
Standout features include inventory lost control with ID tags and allocation rules. Infoplus has automatic quality control workflows, such as weight verification and barcode scanning, to minimize human error. I love that it provides granular control over each stage of the fulfillment process, which allowed me to mold Infoplus to specific use cases.
Integrations include PayPal, Shopify, Quickbooks, Squarespace, ShipStation, WooCommerce, Adobe Commerce, BigCommerce, Authorize.net, and Braintree.
Pros and cons
Pros:
- 3PL billing automation
- Mobile app
- Custom reporting features
Cons:
- Slow servers
- Requires coding for customization
inFlow is an inventory management system that helps businesses monitor and balance products in stock, orders, and replenishment.
Why I picked inFlow: It compiles financial reporting data from the company’s purchasing, raw materials, work in process, and finished goods to improve its accuracy and accessibility.
By centralizing your inventory and purchasing data, inFlow makes it easy to track product costs and eliminate hurdles in the fulfillment process.
Plus, inFlow definitely scores some points for its low setup fees and flexible contract options. It has an attractive and intuitive user interface too.
inFlow Standout Features and Integrations:
Standout features include the ability to view which specific items are on backorder, which have been reserved, and the latest goods received—so you can manage your inventory and cash flow more effectively.
I found the label designer and barcode generator easy to use, allowing you to receive products and pick quickly and accurately.
Integrations include WooCommerce, BigCommerce, Wish, eBay, Amazon, Quickbooks, Shopify, Squarespace, Xero, Zapier, and Salesforce.
Pros and cons
Pros:
- Barcode generation and scanning
- User-friendly interface
- Assembly cost tracking
Cons:
- Upcharges for full functionality
- Limited roles and permissions
Katana is a cloud-based manufacturing software that offers live inventory management, production planning, and multichannel order management. Popular among furniture companies, custom craft makers, and industrial machinery providers, it provides an end-to-end solution for manufacturers to produce and sell their products.
Why I picked Katana: While many retailers and e-commerce businesses purchase and resell products, companies that manufacture goods have different inventory needs. By allowing you to separately track raw materials, work in process, and finished goods, Katana brings the entire product lifecycle to one system.
The tool is also well-organized and easy to navigate.
Katana Standout Features and Integrations:
Standout features include the Katana Shop Floor App, which allows you to assign incoming resources and materials to specific orders. I was pleased to see the platform also supports food and beverage manufacturers with batch tracking, expiration dates, and other compliance features.
Integrations include Quickbooks, Xero, Shopify, Amazon, 2Ship, BigCommerce, WooCommerce, eBay, Magento, Pipedrive, ShipStation, and Wix. With their open API and documentation, you can also build your own Katana integrations.
Pros and cons
Pros:
- User-friendly interface
- Labor time and cost tracking
- Job prioritization for custom orders
Cons:
- Lack of advanced reporting
- Limited customization
Other Inventory Management Software Options
Here are some other inventory management options that didn’t quite make the list:
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Inventory Management Software Selection Criteria
Here's how I determined the tools that would go on this list:
- I researched and compared inventory management software, to create an initial list of options.
- I considered common buyer needs and pain points—like ease of use and integration with other tools—to condense the list.
- Finally, I took a pass over the list, using the following evaluation criteria, to come up with the top ten inventory management options:
Core Functionality (25% of total score)
To be considered for inclusion in this list, each solution had to fulfill these common use cases:
- Track inventory levels
- Manage purchase orders
- Generate sales reports
- Monitor stock locations
- Handle supplier relationships
Additional Standout Features (25% of total score)
To help further narrow down the competition, I also looked for unique features, such as:
- Predictive analytics
- Barcode scanning
- Multi-location management
- Real-time data updates
- Integration with e-commerce platforms
Usability (10% of total score)
To get a sense of the usability of each system, I considered the following:
- Intuitive navigation
- Customizable dashboard
- Minimal learning curve
- Clear visual design
- Responsive interface
Onboarding (10% of total score)
To evaluate the onboarding experience for each platform, I considered the following:
- Availability of training videos
- Interactive product tours
- Comprehensive templates
- Access to webinars
- Supportive chatbots
Customer Support (10% of total score)
To assess each software provider’s customer support services, I considered the following:
- 24/7 availability
- Multichannel support options
- Response time
- Access to a knowledge base
- Personalized assistance
Value For Money (10% of total score)
To evaluate the value for money of each platform, I considered the following:
- Competitive pricing
- Feature set relative to cost
- Scalability of pricing plans
- Hidden fees or costs
- Discounts or promotions
Customer Reviews (10% of total score)
To get a sense of overall customer satisfaction, I considered the following when reading customer reviews:
- User satisfaction ratings
- Commonly mentioned pros and cons
- Frequency of updates or improvements
- Testimonials about support quality
- Overall sentiment and trends
Trends in Inventory Management Software
In my research, I sourced countless product updates, press releases, and release logs from different inventory management software vendors. Here are some of the emerging trends I’m keeping an eye on:
- AI-Driven Insights: AI is being used to predict demand and optimize inventory levels. It’s helping businesses make smarter purchasing decisions by analyzing trends and patterns.
- Blockchain for Transparency: Some vendors are using blockchain to increase transparency and traceability in the supply chain. This technology helps track products from origin to delivery, ensuring authenticity and reducing fraud.
- Augmented Reality (AR) Applications: AR is being used for better warehouse management and inventory visualization. It allows employees to see digital overlays of inventory data in physical spaces, improving picking accuracy and efficiency.
- Sustainability Tracking: With a growing focus on sustainability, some software now includes features to track environmental impact. This helps businesses reduce waste and improve eco-friendliness by monitoring carbon footprints and resource usage.
- Voice-Activated Systems: Voice technology is making its way into warehouse operations, allowing hands-free operation. This trend improves efficiency during tasks like picking and inventory counting.
What is Inventory Management Software?
Inventory management software is a digital solution designed to automate and optimize the tracking and control of a company's inventory. It facilitates the recording of stock levels, manages orders and shipments, and provides valuable data to support decision-making in inventory-related processes.
Through features like real-time tracking of inventory levels, order management, demand forecasting, barcode scanning, and reporting, these tools help businesses optimize working capital, ensure accurate financial reporting, manage cash flow, and mitigate risks associated with inventory.
How to Choose Inventory Management Software
Even with the help of an amazing software analyst (ahem, me), it’s easy to get bogged down in long feature lists and complex pricing structures.
To help you stay focused as you work through your own software selection process, here’s a shortlist of factors to keep in mind:
| Factor | What to Consider |
|---|---|
| Scalability | Will it grow with your business needs? |
| Integrations | Does it connect with your existing systems? |
| Customizability | Can you tailor it to fit your processes? |
| Ease of Use | Is it user-friendly for your team? |
| Budget | Does it fit within your financial limitations? |
| Security Safeguards | Are your data and transactions secure? |
| Support | Is there reliable customer support available? |
| Mobile Access | Can you access it on-the-go via mobile devices? |
Features of Inventory Management Software
When selecting an inventory management tool, keep an eye out for the following key features:
- Inventory tracking: Allows you to monitor stock levels in real time, ensuring you never run out of products.
- Order management: Helps manage purchase and sales orders efficiently, keeping the supply chain smooth and organized.
- Supplier management: Provides tools to maintain and optimize supplier relationships, ensuring timely deliveries.
- Sales reporting: Generates reports that offer insights into sales trends, helping with forecasting and decision-making.
- Barcode scanning: Simplifies the process of adding and tracking inventory, reducing manual entry errors.
- Integration capabilities: Connects with other systems like accounting and e-commerce platforms for seamless data flow.
- Predictive analytics: Uses data to forecast demand and optimize inventory levels, reducing waste and overstock.
- Mobile access: Allows users to manage inventory on-the-go through mobile devices, increasing flexibility.
- User permissions: Offers granular control over access levels, ensuring data security within the system.
- Sustainability tracking: Monitors the environmental impact of inventory, helping businesses meet sustainability goals.
Benefits of Inventory Management Software
Implementing inventory management software provides several benefits for your team and your business. Here are a few you can look forward to:
- Improved accuracy: Reduces manual errors in tracking and ordering stock with features like barcode scanning and real-time updates.
- Cost savings: Helps optimize inventory levels and reduce waste, saving money on excess stock and storage costs.
- Better decision-making: Offers insights into sales trends and demand forecasting through analytics and reporting tools.
- Enhanced efficiency: Simplifies processes like order management and supplier coordination, allowing your team to focus on other tasks.
- Increased flexibility: Provides mobile access and integration capabilities, enabling management from anywhere and connection with other systems.
- Stronger security: Protects data with user permissions and security safeguards, ensuring only authorized personnel can access sensitive information.
- Sustainability efforts: Tracks environmental impact, helping businesses align with sustainability goals and reduce their carbon footprint.
Average Costs & Pricing of Inventory Management Software
For a quick validation of whether the plan you're looking at has all the bells and whistles, check this out. The table below summarizes inventory management software's common plans, their average prices, and typical features:
Plan Comparison Table for Inventory Management Software
| Plan Type | Average Price | Common Features |
|---|---|---|
| Free Plan | $0 | Basic inventory tracking, limited users, and basic reporting. |
| Personal Plan | $5-$25/user/month | Inventory tracking, purchase order management, and mobile access. |
| Business Plan | $30-$75/user/month | Advanced analytics, multi-location support, and integrations. |
| Enterprise Plan | $100-$200/user/month | Customizable dashboards, user permissions, and dedicated support. |
FAQs About Inventory Management Software
Here are answers to some of the most frequently asked questions about inventory management software and why businesses need it.
What is the difference between inventory management software and warehouse management software?
The differences between WMS and inventory management tools are nuanced, but important.
Inventory management software is primarily concerned with tracking the quantity and cost of inventory items to ensure stock levels are able to meet sales demands. This can include sourcing raw materials and tracking assembly, but it also involves sales forecasting and understanding seasonality and trends.
Warehouse management, on the other hand, is concerned with tracking and managing the operations of the warehouse that typically stores the inventory. It includes fulfillment tasks, like picking and packing, as well as how items are organized and stored.
It’s not uncommon for one software to provide both inventory and warehouse management functionality.
What are the benefits of inventory management software?
Inventory management software helps businesses track their stock. This prevents overselling and allows brands to maintain delivery and shipping guarantees. Effective inventory management also prevents inefficient over-stocking, freeing up budget for other business needs. Inventory software also reduces human error by automating processes and centralizing data.
What are the most popular inventory management systems?
The inventory management needs of businesses vary so widely, but some of the most popular inventory management systems are Fishbowl Inventory, Lightspeed Retail, Netsuite by Oracle, and Cin7 Omni.
For small businesses, ShipStation and Zoho Inventory are popular affordable options.
What are three basic questions of inventory control?
Inventory control often revolves around three primary questions: when to order, where to stock, and how much to order. These questions help ensure you maintain optimal stock levels, minimizing both excess and shortages. Inventory management software assists in answering these questions by providing real-time data and analytics.
Why Trust Our Software Reviews
If you skipped straight down to this section, I commend you — I leave it til the end because most people don't want to know the details, but I love sharing them.
We’ve been testing and reviewing finance and accounting software since 2023. As financial operators —past and present — ourselves, we know how critical and difficult it is to make the right decision when selecting software. We invest in deep research to help our audience make better software purchasing decisions.
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Stop Scrolling, Start Executing
If you've read this far, chances are you're procrastinating making a decision. Truly, don't worry about it.
The inventory management tools discussed above strike a good balance between features, user-friendliness, and value — you really can’t go wrong with any option on the list.
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